Perak Corporation Berhad refutes Putra claims of its financial status

IPOH, Sept 21 — Perak Corporation Berhad (PCB) today clarified that none of its subsidiaries, associate companies or PCB itself have been placed under liquidation, winding-up or judicial management.

PCB in a statement said that only Animation Theme Park Sdn Bhd, which was placed in receivership on December 4, 2019, had ceased operations on January 28.

“The company also wishes to clarify that investment in share capital in Movie Animation Park Studios (MAPS) by PCB Development Sdn Bhd (PCBD) was for a total amount of RM58.35 million.

“Total shareholders’ advance from PCB Group amounts to RM275.2 million, funded via internally generated funds and bank borrowings,” the statement read.

PCB said that it had on July 23 applied and obtained a restraining order from the Ipoh High Court for 90 days, which will expire on October 20, 2020, enabling the company to call for a Court Convened Creditors’ Meeting pursuant to Section 366 of the Companies Act 2016.

“The restraining order was applied by the company and PCB Development Sdn Bhd (Companies) to formulate and finalise a proposed scheme of arrangement between the Companies and its scheme creditors, to be put forward to the creditors at a Creditors’ Meeting to be convened.

“By way of an application, an extension of the restraining order may be allowed by the High Court provided all the relevant conditions set out in Section 368 of the Companies Act 2016 are fulfilled.

“The company had on July 3 appointed M&A Securities Sdn Bhd as its Principal Adviser to conceptualise a proposed restructuring scheme,” it said.

PCB said it will make further announcements to Bursa Securities as and when there is a development in relation to its regularisation plan to uplift itself from its PN17 status.

PCB also clarify that there have been no discussions between the Perak government and any parties for the sale of the Lumut Port.

“The company stresses that it has no intention whatsoever to sell Lumut Port,” it said.

Last Tuesday, Parti Bumiputera Perkasa Malaysia (Putra) vice-president Datuk Hamidah Osman claimed that PCB is in the midst of winding up its operations.

She also said that PCB’s assets will be auctioned if it goes into receivership.

Hamidah said PCB only has until October 23 to settle its debts or risk going into receivership, with the High Court here granting 90 days from July 23 to arrange a comprise scheme with the creditors, which she claimed is impossible.

Meanwhile, Mentri Besar Datuk Seri Ahmad Faizal Azumu said that PCB is currently under PN17 and the state government had carried out several transformations to revive it.